Barney Frank – New Requests to Freddie and Fannie to Relax Lending Practices – Frank has a Challenger for his 4th District Seat in 2010 .

Barney Frank, Massachusetts 4th District, U.S. Congressional Representative, has a long history with the nations federal loan arms that drove this nation into financial chaos, one would think, Mr. Frank would have learned his lesson at this juncture – not so. Frank, known financial genius, has meddled in TARP funds (no need for transparency), and specifically Freddie and Fannie where Congressman Frank held that the lenders were financially sound, despite the Bush Administrations questions regarding solvency. Additionally, Frank was part and parcel of the push to relax lending regulations in order to make housing “more affordable” to those who could not afford a mortgage in the first place. Now, Frank is after them again, this time regarding the lenders tightening of mortgage lending practices where condominiums are involved. Condominiums and lending practices have been fairly consistent with most lenders over the past several decades - there is a certain threshold of units sold, within a development, where lenders will guarantee mortgages – that threshold has been 70%. Freddie and Fannie were at 51% which is below the national average to begin with. The reason that lenders look at building occupancy is because it goes to the solvency of the entire condominium project, should the developers fail to sell up to 70% of the units, more trouble assets are likely to occur. Frank looks at it a bit differently, perhaps because the real estate industry is one of the top 5 contributors to Mr. Franks campaign.

Mr. Frank made an appearance on Fox News, Bill O’Reilly show last evening. In the interview, Frank insisted that the crisis with Fannie and Freddie was the fault of the Bush administration, and held that he, not the Bush administration, insisted on tightening guidelines for Freddie and Fannie – apparently, Mr. Frank either has loss of memory, or honestly believes that the nation is going to buy his “story”. The overall interview, on topics ranging from Gay Marriage to how Obama plans to pay for Nationalized HealthCare were rife with “Frankisms”, all being rosy on all fronts, virtually pulling figures out of thin air when asked about paying for the Health Care Plan. Specifically motioning the cutting the military budget, in regards to a program that is no longer relevant, and using that money, among funds from “agriculture”, to pay for Obama’s Health Care Plan. The program that Mr. Frank is keen on cutting, would account for approximately 400 million dollars, the Health Care Plan is projected to be in the trillions over a 10 year period. Additionally, Mr. Frank noted that the Massachusetts Health Care Program, which is a huge drain on the Massachusetts Taxpayer (as it has been in the red since inception), was not a problem. Mr. Frank not only is apparently clueless when it comes to Federal Programs, but Programs that are currently in force in his own state.(video below)


Barney Frank who is up for re-election in 2010, (and apparently campaigning see rather non-confrontational, out of character, Frank with Bill O’Reilly), does have a challenger in the 4th district - America take heart. Although no official release has been made, Earl Sholley, a businessman with a strong, fiscally conservative background, will be the candidate to watch in the 4th Congressional race. Sholley is the Anti-Frank, so to speak, a breath of fresh air for the 4th District and the nation. To learn more about Mr. Sholley and his campaign, visit Sholley For Congress. What American needs now, more than ever, is an alternative to Barney Frank, one who has some senses of business rather than being a “career politician”.